Government Hearings - 1992

  • 1992 0129 - GOV (House) - Insurance Rating Companies
    • [PDF-205p-GooglePlay]
    • >Fred Carr, Executive Life
    • (p1) - Cardiss Collins, Chair (D-IL) - Today's hearing will examine the role of insurance rating companies.
      • As consumers become increasingly concerned about the solvency and financial stability of their insurance companies, the rating companies will play an even more important role.
        • Yet, questions have been raised about rating companies in the aftermath of the failures of Executive Life last spring and Mutual Benefit Life last summer.
        • Both life insurance companies were highly rated by rating companies until shortly before their collapse.
        • Today, we expect to learn the reasons why some of the rating companies were slow in pointing out the problems with Executive Life and Mutual Benefit Life and what they have done to improve their rating systems.
        • Ratings were a key feature in the enormous growth of Executive Life before its failure.
      • (p2) - Cardiss Collins - And on June 18, 1990, Fred Carr testified before Chairman Dingell's Oversight and Investigations Subcommittee, which was looking into the problems at Executive Life.  <Government Hearings - WishList>
    • House - Committee on Energy and Commerce, Subcommittee on Commerce, Consumer Protection, and Competitiveness
  • 1992 0218 - GOV (Senate) - Causes and Implications of Insurance Company Failures, aka Executive Life Insurance Failure
    • [PDF-425p-GooglePlay, VIDEO-CSPAN] ->Not on govinfo.gov - R
    • ⇒  on the Concerns about the Financial Condition of the Insurance Industry, the Adequacy of Regulatory Supervision, as Well as the Sufficiency of Policyholder Protection Provided by Insurance Guarantee Funds
    • 1992 0218 - GAO - Insurance Regulation: The Failures of Four Large Life Insurers, Testimony Before the Committee on Banking, Housing, and Urban Affairs United States Senate, Statement of Richard L. Fogel, Assistant Comptroller General, General Government Programs - 21p
    • Garamendi (NAIC) - Testimony - 5p
    • Senate - Committee on Banking, Housing and Urban Affairs 
  • 1992 0409 and 0909 - GOV (House) - Insurance Company Failures
    • [PDF-447p-GooglePlay
    • House - Committee on Energy and Commerce - Subcommittee on Oversight and Investigations 
    • [Both Dates PDF-629p-GooglePlay, 0428-No Video / 0505-VIDEO-CSPAN- Insurance Policy Transfers]->Not on govinfo.gov - R
    • Senate - Committee on the Judiciary - Subcommittee on Antitrust, Monopolies and Business Rights
    • Belth (Professor), James McNeill (Insurance Agent),  David Rogers (Chief Deputy, Office of the Insurance Commissioner - Washington)
  • 1992 0429 - GOV (House) - H.R. 4731 And The Economic Impact of Insurance Company Insolvencies
    • [PDF-461-GooglePlay, Video-?] ->> Not on govinfo.gov
    • (p19) - John C. Dugan Deputy Assistant Secretary Of The Treasury (Financial Institutions Policy)
      • (p24) - Many of the new products developed by insurance companies were designed to attract customers looking for a competitive market rate of return on investment, but as a consequence these products such as universal life policies, single premium deferred annuities, and guaranteed investment contracts - were sensitive to changes in interest rates, and posed unfamiliar hazards to the companies that issued them.
      • At the same time, the proliferation of financial instruments provided a new range of potential investments for the insurance companies themselves, some of which such as high-yield or " junk" bonds were poorly understood by some company managements . 
    • 1992 0429 - CBO - CBO Testimony - Statement of James L. Blum, Deputy Director - Congressional Budget Officebefore the Subcommittee on Policy Research and Insurance Committee on Banking, Finance and Urban Affairs U. S. House of Representatives - 54p
      • Mr. Chairman, I appreciate this opportunity to appear before your Subcommittee to give you some preliminary findings from the *report that weare preparing at your request on the economic impact of possible solvency problems in the insurance industry.
      • Our report does not evaluate the likelihood of solvency problems in the industry.
        • It hypothetically assumes that such problems could exist on a large enough scale to have noticeable impacts on the overall economy, and then lays out what these macroeconomic impacts might be.
      • The focus is not on the economic impacts of the event that precipitated the problems in the first place, such as a natural disaster, but on what additional impacts may arise solely from solvency problems in the insurance industry.
      • *Report - 1994 04 - CBO - The Economic Impact of a Solvency Crisis in the Insurance Industry - 80p
    • House - Committee On Banking, Finance And Urban Affairs - Subcommittee On Policy Research And Insurance
  • 1992 0623 - GOV (Senate) - Consumer Disclosure of Insurance - Metzenbaum
    • [PDF-323p-GooglePlay, VIDEO-?]->Not on govinfo.gov - R
    • Senate - Committee on the Judiciary - Subcommittee on Antitrust, Monopolies, and Business Rights
    • ....on concerns relating to the adequacy of financial disclosures made in connection with the purchase of whole life insurance policies.